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The Odisha government has clarified that apartments completed before February 25, 2017, remain eligible for registration under the OAOM Act-2023, ensuring smoother property transactions. To resolve 700 pending appeals under the Odisha Development Authority Act, seven senior officers have been appointed. Additionally, the government has launched a INR 1 lakh crore Urban Challenge Fund to drive urban redevelopment, with INR 10,000 crore allocated for 2025-26. The fund will provide up to 25% financial assistance for bankable projects, while at least 50% of the remaining costs will be covered through bonds, bank loans, and public-private partnerships.
The Odisha government has issued a crucial clarification regarding the Odisha Apartment Ownership and Management (OAOM) Act-2023, ensuring that apartments completed before February 25, 2017, remain eligible for registration. This comes after reports that some apartment owners were facing difficulties in registering sale and transfer deeds due to perceived ambiguities in the law. Advertisement
In a notification released last week, the Housing and Urban Development Department stated that registration authorities cannot deny registration of apartments citing the OAOM Act if the apartment was completed before the Real Estate (Regulation and Development) Act (RERA) came into effect in Odisha. To facilitate smoother registrations, the department has sought assistance from the Revenue and Disaster Management Department.
Alongside this clarification, Housing and Urban Development Minister Krushna Chandra Mahapatra announced that seven senior officers have been appointed to expedite the resolution of 700 pending appeals related to the Odisha Development Authority (ODA) Act, 1982 in the Bhubaneswar Development Authority (BDA) and Bhubaneswar Municipal Corporation (BMC) areas.
In a major initiative, the government has launched an Urban Challenge Fund worth INR 1 lakh crore to drive urban redevelopment and transform cities into growth hubs. The fund will provide up to 25% financial assistance for bankable projects, with a planned allocation of INR 10,000 crore for 2025-26.
The remaining project costs will be covered through a combination of bonds, bank loans, and public-private partnerships (PPP). To ensure financial viability, at least 50% of the total funding must come from these external sources.
The government?s clarification on apartment registration provides relief to property owners struggling with legal uncertainties, while the Urban Challenge Fund aims to boost infrastructure and redevelopment across Odisha?s cities. With clearer guidelines and financial support, the state is looking to streamline property transactions and accelerate urban development.
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